VA Residual Income

VA requires a monthly amount to remain after all expenses have been paid.

The residual amount is based on the geographic lococation and the purchase price of the home..

The list of expenses include: monthly installment and revolving debt, housing expense (including an amount for maintance and utilities) and state and federal taxes.

Originator calculates residual income and displays the required residual amount in the VA sections located in the data input screens: Borrower, Purchase and Refinance.

When the VA borrower is short, the amount short is also displayed in TIPs.